AUD/USD Forecast: Ignoring stocks’ rally may hint at an upcoming slump

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Aussie is consolidating below 0.7100, bulls may soon give up AUD AUDUSD $AUD $AUDUSD

ted the day with the back foot, falling to 0.7056. The subsequent attempts to regain the upside were rejected by sellers around the mentioned threshold.

The pair is also neutral in the 4-hour chart, hovering around its 20 SMA and between the 100 and 200 SMA, all of them flat. Technical indicators, in the meantime, head nowhere within neutral levels. The pair needs to clear the weekly high at 0.7125 to gather upward strength, while bears may take over on a break below 0.7045.View Live Chart for the AUD/USD

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

 

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